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Toronto existing homes sales double in November

Existing home sales rose for the third straight month in November, up 73 per cent from year ago levels, according to figures released today.

A total of 36,383 homes sold in November, the Canadian Real Estate Association's monthly report stated.

That figure is just under a percentage point short of equalling the all-time record for monthly November home sales set at the peak of 2007.

"National home sales activity last month shows how strongly the housing market has rebounded since the beginning of the year," said CREA President Dale Ripplinger. "The rebound in resale housing activity has led the Canadian economy out of recession."

The average price of a home was up 20 per cent year over year to $368,665.

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Year-over-year gains were largest in British Columbia and Ontario.

In Toronto, sales hit 7,466, slightly doubling the figures from last November.

However, analysts warn that last year was the start of the financial crisis, where housing markets bottomed out, so comparisons may be misleading.

Some good news for buyers is the return of strong demand means that more sellers are returning to the market.

Seasonally adjusted new listings rose five per cent on a month over month basis in November, the biggest monthly increase since January of last year.

Still, the number of listings remains down by 23 per cent compared to a year earlier. This is the seventh month in a row that inventories have declined from year ago levels.

"On the whole, the report suggests that the Canadian housing market remains on fire as the combination of low mortgage rates and still favourable buying conditions continues to spur buying activity," said Millan Mulraine, an economics strategist with TD Securities.

CREA chief economist Gregory Klump warned not to expect the same kind of activity in the market next year.

"Deteriorating housing affordability will reign in sales activity as the overall economy further improves and the pool of buyers who qualify for financing shrinks," said Klump.

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